Update: Moments ago, Valve pushed a major update to the Steam Translation Server confirming a lot of the things we mentioned in this blog post and more.

Discovery queue

Discovery queue seems to work in a similar fashion to Greenlight's queue. You can change your preferences and filters to generate a queue of games that match your preferences. While you are exploring, you can jump to the next game and follow or ignore each product.

New store tab "Followed Games & Software"

We're unsure how this will work, but it might be related to your wishlist.

Curators

Curators are individuals or groups. Any group can become a curator, and by default the officers can add recommendations. Curators can recommend games to their followers. Recommendations can also include links to a longer review on their website. Steam will also recommend other curators for you to follow.

Personalised frontpage

Besides customizing your discovery queue and following curators you will be able to change sections of the frontpage to display different stuff. This includes:

Popular New Releases

Games

Software

Downloadable content

Games not in your account

Games already in your account

DLC for your games & software

Products you've recently viewed

New On Steam

Search revamp

You can now narrow your search by the following things:

Feature

Operating system

Language

Tag

Number of players

On an unrelated note; two factor authentication

As you might know, SteamGuard is a 2-step authentication method, but this update brings alternative ways of authenticating besides email. The Steam Mobile app will have a built-in authenticator, but you can also use apps such as Google Authenticator (provided your phone has a camera to scan a QR code).